The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Vivrelle, a rental subscription that allows customers to which to rent a Chanel handbag or a Prada tote for $99 a month, has raised $26 million in Series A funding.
The round was led by Origin Ventures and included Chapford Capital Group. Founded in 2018 by husband-and-wife duo Blake and Wayne Geffen, Vivrelle saw triple-digit growth in revenue as well as new members last year. So far, the business is fully profitable, according to the founders.
“The shift we saw that helped propel our growth even during Covid was people seeing [Vivrelle] as an extension of their closets,” said Wayne Geffen. “As resale and rental become mainstream, the opportunities are endless.”
The new capital will go toward expanding operations and inventory to meet customer demand. So far, handbags have been the platform’s strongest category, though it also offers watches and jewellery.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.